Bitcoin has been on an incredible uptrend and bulls have come out in plenty to predict the future price of the world’s largest and oldest cryptocurrency. But surprise, surprise, Jesse Powell, CEO of cryptocurrency exchange Kraken strongly believes dollar-based BTC price forecasts are flawed due to fact that fiat money is prone to substantive inflation. Powell suggests that luxury marques like Lamborghinis and Bugattis are more accurate measures of bitcoin’s price in the future.

Kraken CEO Gives Flashy BTC Targets
During an interview with Bloomberg, Powell was asked where he sees the price of bitcoin by the end of this year to which he noted: “I think I said bitcoin is going to infinity and that’s kind of hard to comprehend because I’m measuring it in terms of dollars.”

A better measure, according to the Kraken CEO, is measuring the value of the asset based on premier luxury machines. One bitcoin is currently equivalent to Tesla Model 3. He posits that BTC investors will be able to purchase a Lambo by the end of the year. As for the end of next year, one bitcoin will be worth a Bugatti.

Powell indicated that it’s difficult to measure the value of bitcoin against the U.S. dollar due to its inflationary nature.

“To me and to the crypto community, I think those kinds of assets are easier to measure Bitcoin against because you never know where the dollar is going to be. There could be 10 times as many U.S. dollars out there a year from now, so it’s really hard to measure Bitcoin against the dollar.”

What Of Other Cryptocurrencies?
Responding to a question about the future of other alternatives to bitcoin, Powell mentioned Ethereum and Polkadot as the top cryptos gaining a lot of interest from investors.

For Ethereum, he opines that there’s currently a process to move coins to the new proof-of-stake Ethereum blockchain which involves burning the old blockchain coins, essentially squeezing the ether supply. Powell also noted the non-fungible token (NFT) buzz that is boosting the use of the Ethereum blockchain. He predicts “north of 2,000 dollars a coin” for ETH by the end 2021.

Powell describes Polkadot as the “next Ethereum” owing to its advantage of lower fees.

“There are a lot of other coins that are being launched on top of this network, and I think you’ll see a lot of things that were on Ethereum be ported over to Polkadot for like lower transaction fees.”

Read more: ZyCrypto

Bitcoin started the week on a positive note after logging a clear break above the $53,200 resistance. The coin soared higher above the $55K and $56K levels on bullish news of more potential mainstream crypto adoption.

As reported by the Daily Chain earlier today, Visa has approved the use of the USD Coin to settle transactions on its payment network. As per the initial Forbes report, the credit card giant has launched a pilot for the programme with payments platform Crypto.com. Visa plans to offer the option to more of its business partners later in 2021.

Following the news, BTCUSD jumped over 3% and formed highs above $58K heading into the European session. The coin is currently facing resistance in the lower-$58,000 zone but could rally higher if it steadies above $57K.

April Could Be Even Bigger For BTC Price, Says Data
Bitcoin has soared over 500% since October of 2020 when the current bull cycle began. The digital asset’s momentum dwindled this month after prices surged past $60K and formed a new lifetime high above this level.

The stalled rally came as no surprise to many BTC analysts, who view March as the bloodiest month historically for crypto markets. Bitcoin has faced a series of rejections at its ATH and traded as low as $50K over the past week.

According to historical bitcoin price data, the downtrend could soon end as markets head into April, a month where BTC has been known to break fresh ground in the past.

According to Danny Scott, the CoinCorner crypto exchange CEO, analysis of BTC price data over the last decade shows a 51% average gain for the flagship crypto in April. If the data holds true, then bitcoin would soar to highs of just over $80K by the end of next month.

Speaking via Twitter DM, Scott added that given the historical price trajectory of BTC, prices “may stack up” this coming month:

“As with any month, the potential price prospects of bitcoin can be split into a number of different thought processes. Time of the year can be a factor, and the month of April is always highlighted, as it’s the end of the U.K. and U.S. tax year,” Scott shared with Forbes.

ETH Price Gains Momentum Above $1,800
Ethereum recovered above $1,700 on Monday and even tested $1,800 against the U.S. Dollar. The top altcoin rallied higher after Visa announced support for the native token of the Ethereum blockchain.

The payments giant revealed it would offer its crypto partners the option to settle transactions in USDC over the ETH network. The move makes Visa the first major payment services provider to integrate a stablecoin into its legacy systems.

Following the news, the ETHUSD pair surged by almost 7% to currently reach an intraday high of $1,834.

Read more: The Daily Chain

In 10 years, the finite supply of Bitcoin (BTC) will be almost exhausted. This means that investors will only need 0.01 BTC to be among the top 13% in the world in the future.

While it may only cost $500 to buy 0.01 Bitcoin (BTC) today, current global wealth distribution trends and the inevitable realization of limited Bitcoin supplies could mean that 0.01 BTC will be worth $1 million future.

According to Credit Suisse’s Global Wealth Report 2020, there are 51.9 million people with a net worth of more than $1 million. The index considers a person’s net wealth, together with their financial and real estate assets, after deducting their debts and liabilities. Although they make up only 1% of the world’s population (excluding children), these millionaires own 43% of the world’s wealth.

According to Credit Suisse’s individual wealth breakdown, 175,700 people were worth more than $50 million. Of this elite circle, 55,800 owned at least $100 million, and 4,410 had over $500 million assets.

Bitcoin’s finite supply will reach 98% in 10 years.

As of 1 March, Bitcoin’s total supply consists of 18.64 million BTC, with 2.37 million coins still mined. In 10 years, the supply will reach 20.6 million, 98% of the 21 million coins in the total supply.

Subtracting the 1.9 million coins that have not been touched over a decade from the Bitcoin supply limit leaves a maximum limit of 19.2 million BTC for the world’s millionaires. Conclusively, this leaves 0.37 BTC per millionaire, including coins not yet mined, assuming that the Bitcoin supply is divided equally among said millionaires.

However, if every bitcoin that has remained unmoved for five or more years is lost, a maximum of 14.57 million BTC will be available for accumulation. In this scenario, each of the world’s millionaires could own only 0.28 BTC. Assuming the supply is evenly distributed.

In the future, the wealthy will fight over 0.01 BTC

In addition to certified millionaires, there are 590 million people whose net worth exceeds US$100,000. These people should not be disregarded as potential owners, even if their purchasing power is lower.

Assuming that the global wealth ratio shown in the chart above remains the same, millionaires represent 6.32 million BTC of the remaining Bitcoin supply, meaning that each individual would have the opportunity to buy just 0.12 BTC.

The remaining 590 million individuals currently worth $100,000 or more could effectively hold another 5.9 million BTC, resulting in just 0.01 BTC per adult. Note, of course, that the likelihood of more Bitcoins being lost forever over the next 10 years is quite high.

In summary, buying 0.01 BTC, which at current prices equates to an investment of around $500, can secure one a top 13% position in the world. If you compare the fiat and bitcoin markets’ relative wealth concentration, being among the top 13% of BTC holders is as exclusive as being a fiat millionaire.

Read more: Medium

Bitcoin price is in the habit of touching fresh new all-time highs almost every month. At the time of writing, the BTC/USD is trading near $55,772 and within close range of the all-time peak. The buyers will try to use the thin weekend liquidity to push the prices higher amid a growing chorus for scaling new heights.

In the past week, the BTC/USD has survived bearish pressure from various corners. The price slid towards $52k, which only reignited fresh buying interest from the bulls. The $53,500 pivot point has been a prime accumulation spot, particularly for large investors. Bitcoin price prediction suggests that a recovery can target a region north of $60k.

The hourly trading volume is dipping as the weekend dawns, but the liquidity is ample for an up move. Last week’s 5 percent price drop appears to have subsided. Speaking of the entire March month, the BTC/USD moved within a tight range of $50k to $60k. Analysts believe that the current range is serving as consolidation for the pair. The recent bounce back does support the accumulation perspective in Bitcoin price prediction.

Bitcoin price movement in the last 24 hours: Grinding towards $60k
The daily charts speak a bullish story where the buyers are targeting $60k. However, there is extreme resistance between $58k to $60k. Bitcoin price prediction analysis shows a slight dip in the buying momentum compared to January 2021. Bitcoin will likely cross the $60k resistance in the next few weeks, provided the bulls maintain a solid upward momentum in Bitcoin price prediction.

The long-term technical indicators are showing a flip towards the bullish side. The buying momentum is highlighted towards the MACD indicator that is displaying the characteristic bullish crossover. The last week’s bearish crossover on the hourly charts didn’t materialize on the longer timeframe. Therefore, a reversal isn’t imminent, and the price is likely to continue its journey north of $58k in the coming days.

The current price range of $53,300 to $55,770 seems a more settled one where Bollinger Bands supports a muted movement. Whether this is a consolidation or not will be proven in the next few days.

The current daily price range seems immune to extreme corrections since the bears cannot dip the price under $52k. The RSI indicator is giving good signals for BTC bulls. Even though it is in the neutral zone, the upward bias is evident on the hourly charts. The seller’s market seems to have been over as far as technical indicators are concerned.

If Bitcoin price prediction maintains its natural course, the upward trajectory will bring the first line of resistance at $58,000. In the next 5-7 days, the BTC/USD will move towards $58,000 backed by long orders and bullish chart movement. The BTC reserves on the exchange are dropping, and sellers are reducing. Therefore, the only logical conclusion is that HODLing is being undertaken by the traders and investors alike.

Institutional investors are safeguarding their investments and also accumulating more. There is no urge to book short-term profits. Their long-term HODLing strategy will only support higher price levels in Bitcoin price prediction.

Bitcoin price prediction conclusion: Next bull run momentum building up
The rising institutional adoption of Bitcoin is helping BTC cement its credentials as a mature asset. Also, Bitcoin ETFs are gaining steam in the crypto realm. The repeated attempts to touch fresh all-time highs show that Bitcoin is ready to give a serious challenge to the BTC critics. The entry of a diverse range of investors in the crypto realm sends huge positive signals to the investor community.

The 20-day exponential moving average is giving ample support at the $54,426 level. The ascending price channel and the long-wick candle are helping the bulls set up more long positions. The 50-day simple moving average at $51,278 is another support underneath the current wave.

Read more: Cryptopolitan

After staying under pressure last week, Bitcoin (BTC) has bounced back strongly making a move above $56,000 levels over the weekend. At press time, BTC is trading at a price of $56,369 with its market cap surging past $1 trillion once again.

Bitcoin has shows volatile trading patterns over the last two weeks swinging between the $53K-$61K range. While profit booking has ensured at some point, longer-term investors are still better-off! Bitcoin’s relative-strength-index (RSI) levels show that we are still very much early in the Bitcoin bull run.

PlanB, the author of the Stock-to-flow (S2F) model states that during the previous bulls runs of 2011, 2013, and 2017, the Bitcoin RSI levels crossed 95 and stayed there for nearly 3 months.

Further citing the chart of his S2F model, PlanB writes: “IMO we are only ~4 months into the bull market and nowhere near the end of it .. #bitcoin is just getting started”.

There’s been a lot of discussion as to where is Bitcoin (BTC) heading from the current levels. Also, a few popular analysts have suggested that BTC is poised to easily cross $100K levels by the end of this year.

Another on-chain data provider Santiment notes that the social sentiment for BTC and ETH is bearish at this point. Interestingly, the data provider points out that every time this has happened, prices have moved north.

Bitcoin’s Role At the Macro Levels and Rising Institutional Interest
Before the COVID-driven financial crisis of 2020, BTC’s role with the global financial market was largely uncorrelated. However, as institutions have started participating on a large scale, Bitcoin’s Correlation with the S&P 500 has jumped significantly.

As Glassnode reports: “This drastic shift in correlation pattern is primarily driven by the increasingly overlapping investor base of crypto and equity markets”.

Mike McGlone, the senior commodity analyst at Bloomberg Intelligence notes that Bitcoin (BTC) is on a transition to becoming the Risk-off reserve asset in 2021. He also notes that Bitcoin institutional products like the Grayscale Bitcoin Trust (GBTC) are gaining much popularity and outperformed giants like 50% this year. However, the increasing probability of a U.S. Bitcoin ETF is pushing the GBTC to trade at a discount.

Finally, he goes on to add that the biggest benefit that Bitcoin (BTC) enjoys over other asset classes is its limited supply. As per McGlone, what really matters for BTC is its increasing demand and adoption. “The potential launch of Bitcoin ETPs in the U.S. should keep the price buoyed. Increasing institutional demand, notably into corporate treasuries and accolades from a few billionaires, are part” he adds.

Read more: CoinGape

Norwegian billionaire and investor Øystein Stray Spetalen has secretly purchased bitcoin and bought into Norway’s largest Bitcoin exchange to become a shareholder in an unexpected twist of events.

Spetalen, one of Norway’s most distinguished and experienced stock market investors is the latest Bitcoin convert to join a pool of many institutional investors who have in the past dismissed bitcoin as an investment asset and a practical, sound virtual currency.

According to a report by Norwegian news site Dagens Naeringsliv, Spetalen bought bitcoin and invested in MiraiEx, Norway’s biggest cryptocurrency exchange after meeting with its two founders who helped to change his mind about Bitcoin.

Miraiex crypto exchange is specifically designed for the Norwegian crypto market, enabling people to buy Bitcoin, Ethereum, Litecoin, and XRP directly using the Norwegian Kroner (NOK).

Spetalen: I was wrong about Bitcoin
Earlier in March, during a DNB Invest conference, Spetalen talked about bitcoin but showed no interest in investing in digital assets. In fact, he reportedly said Bitcoin’s energy consumption is higher than that of his country’s entire consumption and therefore extremely environmentally hostile.

Spetalen added that the current payment systems in place today are doing well and then suggested that the EU intervene and take action against bitcoin’s usage in the region.

“If one really meant anything about bitcoin the authorities and the EU should ban this immediately. Then you cut CO2 emissions considerably.”

However, in a new interview with the same news site, the 58-year-old oil and petroleum investments guru said that he changed his mind about Bitcoin after he met MiraiEx founders, Thuc and Øyvind.

“When the facts change, I change. I met Miraiex founders Thuc and Øyvind the day after the podcast was recorded in March and realized that I had been wrong.”

Norwegian Energy Giant Influenced Spetalen’s Decision
Spetalen said his perspective was also altered by Kjell Inge Røkke, the Norwegian energy giant that also acted in favor of its bitcoin interest in early March. The company formed the bitcoin unit Seetee, a crypto company dedicated to investing in bitcoin and other crypto-related projects.

Seetee had an initial purchase of NOK 500 million worth of BTC, at a price which Spetalen referred to as higher than what he paid for his BTC.

Read more: ZyCrypto

The total prize pool in an amateur poker tournament held in March 2010 was worth $120 in BTC. Today, that amount is over 66,000,000% higher at nearly $80,000,000.

Eleven years ago, in March 2010, a group of enthusiasts from the bitcointalk forum played what was touted as the first bitcoin forum online poker challenge event. The creator organized it using 1500 bitcoins as rewards, which were worth around $120 at the time. Fast-forward to March 2021, and that same amount costs more – significantly more – about $80,000,000.

BTC Used In a Friendly Poker Game
The year is 2010, and bitcoin is still a baby with essentially nonexistent applications. This is far before the current institutions’ mania, before ever being considered as digital gold, and even before it was traded on exchanges.

However, one of the first and most popular BTC-related forums, bitcointalk, did exist. In it, a user under the BitcoinFX handle had an idea to host a friendly tournament of Texas Hold ’em. Unlike the traditional games, though, this one had a little twist – instead of using fiat currencies, the host decided to use “no real money – we are playing for electronic bottle tops only” – he meant bitcoin.

He invited anyone who wanted to join with a maximum cap of ten people. The rewards were as follows:

“4 places will be paid. 1st – 750 bitcoins, 2nd – 375 bitcoins, 3rd – 250 bitcoins, 4th – 125 bitcoins (based on 10 players.”

Consequently, the entire pool was supposed to be of 1,500 bitcoins. BitcoinFX said that he will provide 1,000 BTC from himself, while the remaining players had to send 55 BTC as an entry fee.

The Multi-Million Dollar Prize Pool
Although every bitcoin proponent will say that 1 BTC equals 1 BTC and it shouldn’t be compared to fiat currencies, the cryptocurrency is still predominantly weighed against traditional money such as the dollar. As such, it’s compelling to review the aforementioned poker game in terms of USD back then and today.

That’s somewhat challenging, having in mind that it’s tricky to determine BTC’s price in USD that far back. However, data from Investopedia says that the cryptocurrency traded between $0.0008 and $0.08 in 2010. If we take the highest price of $0.08 per bitcoin, that means that the 1,500 BTC price pool was worth $120 in March 2010.

It’s quite remarkable what has happened with bitcoin’s price since then. In fact, it’s doubtful that any one of the participants could have imagined how much their bitcoins would be worth just over a decade later.

So, just for comparison, let’s look at the numbers now. With BTC’s price trading at around $53,000 now, it means that the asset has skyrocketed by about 66,250,000% in eleven years. Yes, that’s over 66 million (%).

This makes the entire prize pool worth 79,500,000. Yes, that’s almost $80 million. Just for reference, the 2019 World Series of Poker (the 50th annual tournament of the largest poker event) had a prize pool of $80,548,600.

If we break the prizes down to participants, it would mean that the winner’s BTC would have a value of close to $40,000,000, 2nd place – nearly $20,000,000, 3rd place – $13,250,000, and 4th place – $6,625,000.
Moreover, the entry fee alone of 55 bitcoins equals almost $3 million with today’s prices.

Read more: CryptoPotato

Key drivers like price, current macro trends and risks indicate that bitcoin is a great investment and possibly the best one available now.

Like many, when I first heard of bitcoin, my reaction was “Why would anyone invest real cash in magic internet money?” It was worth zero — backed by nothing. And, like a fool, I was keen to point this out to anyone who would listen. But still, I was curious what the buzz was about, so I continued to keep an eye on it until, in 2015, I had a mental breakthrough. I was listening to a podcast when Wences Casares made a statement that went something like this:

“The miracle of bitcoin was going from zero to one cent. The debate of whether bitcoin has value has been resolved. The market has already assigned it value, so we can now only argue over how much it is worth.”

Bitten by the bug, I spent months reading anything bitcoin-related, talking with friends, developing an investment thesis and assessing probabilities that bitcoin could actually achieve these outcomes. Like any good MBA graduate, I quickly worked up a SWOT analysis (strengths, weaknesses, opportunities and threats) and a simple pricing model that compared the number of network wallets to price. At the end of this exercise, there was only one answer: It was prudent to invest a small percentage of my portfolio in bitcoin. For me, I chose 1 percent of investable assets. And now, like all other bitcoiners, I wish I had invested far more.

Below is my hopefully simple and concise explanation as to why I still believe bitcoin is a great investment, and quite possibly, the best investment opportunity there is right now. Let’s look at some key drivers of price, current macro trends and risks.

MONEY SUPPLY/STIMULUS
In my opinion, “printer go brrrr” is not exactly accurate as some of this is a swap of similar assets, but the Federal Reserve did effectively prevent wide-scale deleveraging during the COVID-19 pandemic by aggressively opening lines of credit, lowering rates and embarking on the most aggressive quantitative easing (QE) program we have ever seen.

Meanwhile, politicians are dropping cash on their constituents. Some of that stimulus will chase asset prices, and these actions have moved all markets to “risk on,” given that widespread deleveraging risk is off the table. In simple terms, deleveraging is the selling of assets by institutions or individuals to repair balance sheets and/or pay debt. This was a primary cause of the Great Financial Crisis. In my opinion, the risks today appear more tilted toward higher inflation, not deleveraging, and what better way to hedge inflation than with digital gold?

DEMOGRAPHICS
Millennials are the largest generation in the United States and are now entering their prime earning years (see the Fundstrat chart below). This generation watched during the Great Financial Crisis as their parents lost their jobs and homes. A Facebook survey showed that 92 percent of them mistrust banks, but that they love bitcoin. A survey has shown that 20 percent of them own bitcoin now, and more are likely to buy bitcoin in the future. I believe it. Anyone with kids today can see that youth value digital property as much, or more, than they do real property. I say, don’t fight youth.

RETAIL ADOPTION
The value of a network is related to its number of users, says Metcalfe’s law. Back in 2015, I modeled bitcoin’s price based on the number of network wallets (as a proxy for users). The statistical correlation was very good and the relationship very clear — more users equals higher price. What is particularly interesting about bitcoin is every FOMO event raises price, peaks interest and creates more HODLers.

I have watched this play out for two bitcoin Halving cycles. Now, as I watch a third cycle, I do not see that trend reversing. The bitcoin community is stronger than ever, and once someone falls down the bitcoin rabbit hole, they rarely climb back out. Bitcoin’s fixed supply, portability and auditability make an ideal potential global savings vehicle. I foresee adoption continuing until each country effectively has a currency duopoly — local currency for spending and bitcoin for long-term savings.

INSTITUTIONAL ADOPTION
Not all adoption is created equal. The small amounts retail has invested in bitcoin will pale in comparison to when institutional investors become heavily involved. MassMutual and Tesla are just the start. Bitcoin is an ideal institutional investment for several reasons.

Read more: BITCOIN MAGAZINE